Royal Mail has announced the price of first and second class stamps are going to increase from next month.

Personal Tax

Personal tax (income tax and capital gains tax) is arguably the most understood of all of the taxes, as most of the population pay it in a very visible way. Since the introduction of self assessment, the self employed, the employed, investors and trusts all need to understand the new rules, to minimise their overall tax exposure.

If you are selected by the Inland Revenue to fill in a self assessment personal tax return, because you are self employed, a higher rate taxpayer, a director, a property investor, or another reason, you need to make sure that this return correctly discloses all taxable income sources and claims all valid tax deductions.Specific areas which we are typically asked to advise on include:

Filing and payment deadlines, together with the self assessment interest and penalty regime for when these deadlines are breached,

Claiming maximum relief for contributions into pensions.

Disclosing and then agreeing your personal tax liability with the Inland Revenue is principally achieved by the completing and filing of a self assessment tax return..

Understanding this complicated tax system and paying the minimum amount of personal tax, at the correct time, through the correct mechanism, should satisfy our client. We may even be able to suggest ways to restructure your affairs to save further tax.